CVC co-founder Koltes to step back in 2022

Harriet Matthews
31 January 2022

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CVC Capital Partners has announced that co-founder and co-chair Steve Koltes is to step back from holding an active role as of 1 October 2022.

He will focus on his private interests, the GP said in a statement, but will remain on CVC's board of directors in a non-executive capacity.

Koltes joined Citicory Venture Capital London in 1988, subsequently forming CVC Capital Partners in 1993 with co-chairs Donald Mackenzie and Rolly van Rappard.

The GP has around USD 125bn in assets under management across six private equity, secondaries and credit strategies.

The firm is currently deploying equity via its 2020-vintage, EUR 21.3bn CVC Capital Partners VIII fund. The firm made its first step into the secondaries market in 2021, acquiring Glendower Capital, as reported.

CVC's recent activity includes its EUR 4.5bn acquisition of Unilever's tea division, Ekaterra, as well as its investment in Portugal-based FutureLife.

The announcement comes amid reports that CVC is preparing for an IPO.

Unquote and sister publication Mergermarket reported in December 2021 on the dynamics at play for sponsors looking to take advantage of investor interest in the public markets as they assess their liquidity options. Recent private equity IPOs include Bridgepoint, Goldman Sachs subsidiary Petershill, and TPG.